I WAS puzzled to read that there has been some confusion over the relationship between the Bilston Community College, the Foundation and its companies in the Statutory Instrument giving legal effect to the college's closure by the Further Education Funding Council.
The last published set of accounts sets out the relationship very clearly. The text says: "The companies' shares are owned by Bilston Community College Foundation, to which the companies covenant their surpluses."
I think it is fairly obvious from this text that te shares were not owned by the Corporation. It is therefore something of a mystery as to why Statutory Instrument 1999 No 2544 gave the FEFC rights over "all shares owned by the Corporation".
Could it be that in their rush to close the college, FEFC directors and expensive accountants had not read the college's accounts? This seems a little careless. Is anyone considering their position?
Former finance dfirector
Bilston Community College
10 Woodfield Avenue